Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Aibel, a service provider to the Norwegian offshore oil and gas industry, has since March 2014 announced reductions amounting to 1000 of its own employees, and as many external consultants. The restructuring has been announced in four rounds. The first round affected 230 employees and was reported by the ERM in March. The second round of dismissals was made known to employees in Bergen and Sandsli on September 2, affecting 250. The third round of restructuring was announced to employees in Haugesund on October 1, where 230 employees recieved dismissals in October. On October 27, Aibel announced a fourth round of restructuring, affecting 290 employees in Stavanger, Haugesund, Stjørdal and Asker. The latest round affects mostly engineers and management.
In total, Aibel has cut 1000 regular employees in Norway in 2014. In addition, Aibel has also reduced its use of external consultants, with cuts amounting to around 1000 hired consultants this year. Most of the consultants were working in Norway, formally employed in other companies and hired by Aibel. Aibel is working to secure new contracts in order to avoid additional downsizing. On November 3, it secured a major contract which could make for a future downward adjustment of the number of job cuts.
The restructuring is a response to the declining trend in the Norwegian petroleum sector. Several other companies in the Norwegian petroleum services industry are also restructuring. According to Teknisk Ukeblad, the total number of job reductions in the industry was 3524, per September 25. DNB estimated the figure to 4300 jobs.
Eurofound (2014), Aibel, Internal restructuring in Norway, factsheet number 77602, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77602.